Three of the petitions were filed by creditors against AZRB's wholly-owned subsidiary Ahmad Zaki Sdn Bhd (AZSB), while another was filed by AmBank Islamic Sdn Bhd against AZRB and its wholly-owned subsidiary AZSB Machineries Sdn Bhd.
The building has reached its highest structural level at Level 32. Work will now proceed on architectural finishes and interior detailing, while vacant possession is targeted for the first quarter of 2027.
Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said he had asked UDA to explore ways to make better use of its older land and buildings. He warned against allowing ageing assets to keep incurring maintenance costs while attracting little activity.
The buyer is S.W.E. Elektrikal Sdn Bhd, which BEDI previously described as being involved in electrical contracting, the supply and wholesale of electrical products, and renovation contracting.
In January, EcoFirst said the parcels were likely to be developed into condominium projects with estimated gross development values of RM163 million and RM400 million, respectively, subject to approval from the relevant authorities.
The properties comprise three three-storey terrace factories in Section 22, Shah Alam, and a parcel of leasehold land in Lumut, Perak, according to the group’s Bursa Malaysia filing.
Maybulk announced the proposed acquisition on Sept 22. Completion is expected in the fourth quarter of 2026.
The proposed IOIPG Malaysia REIT will acquire the properties from IOI Properties Group subsidiaries for RM7.58 billion, according to a draft prospectus exposed for public comment on Thursday (Sept 24).
The Economy Ministry announced the allocation under the 13th Malaysia Plan on Thursday (Sept 24), saying the Penang government would provide the land for what it called the National ATE Campus.
MGB targets first KTIP anchor in 2027 following MIP support
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